Seeking Alpha
 

China Petroleum & Chemical Corporation (SNP)

- NYSE
  • Wed, Apr. 29, 12:12 PM
    • China Petroleum & Chemical (NYSE:SNP): Q1 EPS of RMB 0.018
    • Revenue of RMB 478.24B (-25.4% Y/Y).
    • Press Release
    | Comment!
  • Thu, Mar. 26, 8:49 AM
    • PetroChina (NYSE:PTR) says its net profit fell 17.3% last year to its lowest annual profit in five years, as falling crude oil prices squeezed earnings.
    • PTR says its net income dropped to 107.2B yuan ($17.2B) from 129.6B yuan a year earlier, while revenue rose 1.1% to 2.28T yuan from 2.25T a year earlier.
    • Capital spending for 2015 will be reduced by 8.8% at 266B, adding to last year's 8.4% reduction; the move follows similar cuts by Chinese state-owned rivals Sinopec (NYSE:SNP) and Cnooc (NYSE:CEO).
    • Oil and gas production rose 3.6% to 1.45B boe in 2014, and realized crude oil price fell 13% to 3,939 yuan/ton.
    | Comment!
  • Mon, Mar. 23, 7:58 AM
    • Sinopec (NYSE:SNP) says it is cutting its 2015 capital spending 12% to 135.9B yuan ($22B) from 2014's 154.6B yuan, after reporting a Q4 net loss of 5.4B yuan vs. a 19.3B yuan profit in Q3.
    • China second largest oil group warns that it expects a “significant decrease” in Q1, which will be “in the vicinity of the breakeven point" because of low prices and inventory costs.
    • For FY 2014, SNP’s net income dropped to 46.5B yuan, down nearly 30% Y/Y and falling well short of analysts’ consensus estimate of 53.5B yuan; revenues slipped 2% Y/Y to 2.8T yuan.
    • SNP says crude production for 2014 climbed 8.5% to 361M barrels as realized prices fell 5.8%, and expects output may drop 4% to 348M barrels in 2015; however, natural gas production may grow 24% to 886B cf.
    | Comment!
  • Apr. 28, 2014, 11:35 AM
    • Sinopec (SNP -0.4%) reports a larger than estimated 15% drop in Q1 profit, hurt by higher finance expenses due to the weaker Chinese yuan.
    • SNP's sales declined 8% to 641B yuan and operating profit at its E&P business dropped 19% to 13.2B in the quarter; crude oil output rose 9% to 89.4M metric tons, while its realized oil price declined 4%, and gas output gained 9% to 177.4B cf.
    • PetroChina (PTR), China’s biggest oil and gas producer, posted a 5% decline in Q1 profit last week; both companies were hurt by the weaker Chinese yuan, which has a bigger impact on SNP because the China's biggest refiner and crude oil importer buys ~70% of the crude it needs in U.S. dollars.
    | Comment!
  • Mar. 28, 2014, 8:21 AM
    • Cnooc (CEO) posted an 11.4% drop in its 2013 net profit, well below analyst forecasts, to 56.5B yuan ($9.3B) vs. 63.7B yuan the previous year, as it struggled to deliver production growth and control costs amid weakening crude prices.
    • China's largest offshore oil and gas producer nevertheless says it expects to boost capital spending by 14%-30% this year, a sharp contrast to plans from rivals PetroChina (PTR) and Sinopec (SNP), which said they will cut capital expenditure this year by 7% and 4.2% respectively.
    • SNP had reported 2013 net profit rose 3.4%, while PTR had reported a 12% rise.
    • Production rose 20.2% Y/Y to 411.7M boe in 2013, thanks to contributions from newly acquired Nexen; excluding the contribution, Cnooc produced 350.9M boe, missing for the third year in a row its compound annual growth target of 6%-10% set for the 2011-15 period.
    | Comment!
  • Mar. 24, 2014, 7:54 AM
    • Sinopec (SNP) reports a 3.4% increase in its 2013 net earnings to 66.1B yuan ($10.6B) vs. analyst consensus estimate of 69B yuan and 63.9B yuan a year earlier, and says it plans to reduce capital spending 4.2% to 161.6B yuan this year.
    • SNP says it expects to complete the sale of up to 30% of its marketing business in Q3 of this year, and plans to set up a holding company for the marketing assets by the end of March, Chairman Fu Chengyu says.
    • Says oil and natural gas production rose 3.5% to 442.8M boe last year, and forecasts production of 363.8M barrels of oil and 706.2B cf of natural gas in 2014.
    • Says production at the Fuling field, SNP's first commercial shale gas field, is running ahead of schedule; SNP expects it to produce 1.8 cubic meters of shale gas this year, 9x China’s total output of shale gas last year.
    • PetroChina (PTR), China’s largest oil producer, also is cutting capex; it said last week its spending target for 2014 was 7.1% lower Y/Y.
    | Comment!
  • Oct. 29, 2013, 9:39 AM
    • Sinopec (SNP +3.5%) reports its Q3 net earnings rose 20% Y/Y to 22B yuan ($3.6B), or 0.18 yuan/share, due to an improvement in refining margins after China reformed fuel pricing in March.
    • SNP processed 174.2M metric tons of crude oil in the January-September period, up 6.4% from a year earlier; the average selling price of its oil fell 5.5% to $95.11/bbl in the period.
    • Operating profit from the refining business was 6.7B yuan in the first nine months, compared with a loss a year earlier; crude and natural gas production rose 4% in the period to 331M barrels.
    | Comment!
  • Apr. 26, 2013, 6:57 AM
    China Petroleum & Chemical (SNP): Q1 Net profit of $2.7B (+25% Y/Y).
    | Comment!
  • Apr. 25, 2013, 10:22 AM
    Sinopec's (SNP -0.4%) Q1 net profit jumped 25% Y/Y to 16.7B yuan ($2.7B) from 13.4B yuan, due to an improved refining business. SNP processed 58.7M metric tons of crude oil in the quarter, up 5.9% from 55.4M tons. The average selling price of its oil fell to $98.83/bbl from $106.10 a year earlier. Agrees to sell a 30% stake in an oil and gas block in Myanmar to Taiwan's CPC Corp.
    | Comment!
  • Mar. 24, 2013, 3:43 AM
    China Petroleum & Chemical Corp. (SNP): 2012 net profit -13% to 63.9B yuan ($10.3B) vs consensus of 61.8B yuan. Operating loss for refining narrows 26% to 11.9B yuan. Oil and natural gas production +4.9% 428M.
    | Comment!
  • Aug. 27, 2012, 5:11 AM
    Sinopec (SNP): H1 net profit -40% to 24.5B yuan ($3.8B), revenue +9.3% to 1.3T yuan. Losses at refining division widen by about 50% to 18.5B yuan. Chemicals losses 1.2B yuan. Overall profit falls due to controls preventing Sinopec from passing on oil price rises to consumers. Crude oil output +4.3% to 163.1M barrels. Natural gas +14% to 8.2B cubic meters. (PR)
    | Comment!
Visit Seeking Alpha's
SNP vs. ETF Alternatives
Company Description
China Petroleum & Chemical Corp is engaged in the oil & gas and chemical operations & businesses, including exploration, development, production, refining, transportation, storage & marketing of crude oil & natural gas & production of chemicals.
Country: China